Thank you SPIRE for your perfect timing.  SPIRE, the 42 story tower in the heart of Downtown Denver has been a wonderful option for many of our clients.  With great amenities, beautiful architecture and views, and an attractive price point it fits today’s market perfectly.  Sometimes a great plan just finds exactly what the market wants and needs.

When SPIRE was first designed it was intended to be, and I’m using their own marketing words here.. “sustainable and attainable” residences.  The idea was that the building would be a LEED® certified development (sustainable) and available across many price points and sizes (attainable).  At the time the building broke ground the market was booming.   Many other developers were creating projects with higher and higher price points in a focus on creating the most luxurious residences available.  We understand that there is always a demand across every price point but when SPIRE decided to focus on offering low entry level prices for downtown condos WITH high end design they made a very wise decision.  They met the needs of our home buyers.  Additionally, by investing in FHA qualification for SPIRE they opened the door for many more buyers to qualify and enjoy favorable financing.  If the folks who developed SPIRE did have a crystal ball many years ago to see what today’s economy would look like they could hardly have designed the building better.  So we say thank you to SPIRE for having the vision to design something attainable and sustainable.

As we continue to share SPIRE and other downtown projects with our clients we also wonder if there could be a long wait before a similar new development opens it’s doors and whether that will make current real estate developments even more desirable.  It would be tough to build another SPIRE, or Glass House, or anything today.  The credit markets for developers are tougher than ever before.  A few years ago new developments were fairly easy to get funded.  Many developments are sold on pre sales requirements which means they have to have a certain amount of the units under contract before the first shovel can break ground.   Some larger projects (like SPIRE or Glass House) could be financed as an apartment with a condo option so the developer could break ground and start the construction process before hitting a pre sales requirement.  This is certainly helpful in larger buildings because it can be difficult to ask buyers to commit to a new home that might not be done for several years.  This is especially true for those whose careers might take them elsewhere at any time.  That’s why developers like to get the building within a year or so from completion when they begin sales to allow new home buyers a shorter and more certain waiting period.  It doesn’t hurt to be able to go on hard hat tours in the building as well.

But with today’s tight credit requirements getting those projects funded is more difficult.  Not a lot of new projects are underway in the Denver area, and our market is incredibly strong and our city continues to show job growth and economic health.  What does that mean for real estate?  It’s simple really… there might just be a bit of a wait before new development projects open their doors for folks to move in.  We will likely see some pre sales begin on the next projects but the actual completion and move in date would be farther down the road.  For many this makes existing projects like SPIRE all the more attractive.  It’s new and available for move in today (or months from now.. working with a developer allows for flexible time frames).

So give New Era Realty a call at 303.991.9878 or 800.392.1950 and join us for a tour of the SPIRE residences.  Denver’s newest addition to the skyline is also one of the most attractive development projects for new home buyers.  There is plenty to look at but once they are gone they are gone.  Don’t miss out.